In terms of the total value of building approvals, it is commonly assumed by market commentators that attached dwellings must automatically be worth fewer dollars per unit and thus the residential construction boom will be of little meaningful value to the economy.
In the event the rising value of dwellings in Sydney, Melbourne, Perth and now Brisbane has ensured that the total value of building approvals has soared to more than $4.96 billion in October 2014, a huge result and the second highest monthly figure ever recorded.
Part 3 - Capital City Approvals Highest Ever Recorded in October
Part 4 - Victoria Oversupply by Dwelling Type
Part 5 - The Outlook for Housing Markets and Construction
Yep, we think so.
Not too many surprises, overall. The RBA wants a lower dollar still, commodity prices are no longer considered to be historically high, and unemployment has edged higher.
Also, as promised, we will also soon benchmark our 2014 calendar year capital city property market forecasts against the actual results, which will reveal that we could score a hit for 6 out of 7 markets, though we will clearly score a miss and be too low with our conservative +6 to +9 percent forecast for Sydney, which we acknowledged as a likely risk (we don't bother to hedge our bets by providing a wide range of forecasts).
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